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Wednesday, 17 June 20
MARKET INSIGHT - INTERMODAL
 After experiencing record earnings during the first half of the year, the focus of headlines concerning the tanker market has shifted from the developments regarding the pandemic outbreak and geopolitical tensions to the challenges that the sector is now facing. The considerable slowdown in momentum is evident on rates across the board, with expectations for the remainder of the year being gloomy so far.
During the past months, the steep drop in oil products demand caused by COVID-19 had been overshadowed by the developments on oil supply and prices. When Russia and Saudi Arabia, two of the biggest oil producing countries, engaged in a price war back in April, they flooded the market with millions of extra barrels each day, pushing prices to unprecedented lows. At the same time, demand was collapsing. Contango markets were shaped and encouraged traders to buy and store oil on shore and on vessels like never before. Tonnage availability was tight and freight rates climbed to record levels. Indicatively, VLCC earnings reached as much as USD 280,000 per day during April, whereas the ‘clean’ products trade of LR2 and LR1 ships reached about USD 170,000 per day and USD 115,000 per day respectively.
However, since then, the market woke up to reality of poor demand for products globally, while at the same time the contango play is no longer attractive with oil prices having moved up to much healthier levels. More and more vessels used as storage are now entering the market, when at the same time refineries around the world are cutting production in order to adjust to poor demand. The effects on the freight market are already evident. At the time of this writing, VLCCs are earning USD 40-50,000 per day, LR2s about USD 20,000 per day and LR1s as low as USD 10,000 per day.
Taking into account that oil products account for about 60% of the transportation demand and that many parts of the world are still under lockdown and face travel restrictions, the outlook for the rest of the year is rather challenging. The Energy Information Administration (EIA) estimates that global oil demand will be about 8m bpd lower in 2020 than last year. Major products’ demand such as gasoline and jet fuel are down about 17% and 60% respectively since the beginning of the year and the recovery appears to be slow. In shipping terms, this would be more than 6% decrease in demand for product tankers this year, while the fleet growth in the sector is expected to be about 0.7%.
It seems that for as long as the economic impact from the pandemic keeps unravelling, global demand will remain restricted and uncertainty will keep prevailing in the tanker market, adding more pressure to freight rates as a result.
By Stelios Kollintzas
Tanker Chartering Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Mr.George Panagopoulos
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Wednesday, 26 May 21
NEW POWER AND ENERGY MASTER PLAN MUST BE DESIGNED IN BANGLADESH'S BEST INTERESTS, NOT JAPAN'S - IEEFA
JICA must deliver a low or zero emissions plan as promised, not fund Matarbari 2 coal plant
Clear understandings from the Bangladesh ...
Tuesday, 25 May 21
KOREA SOUTHERN POWER INVITED BIDS FOR 870,000 MT OF MIN 5300 NCV COAL FOR 2021 TO 2023.
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for total 870,000 MT of Min 5,300 kcal/kg NCV coal for Augu ...
Tuesday, 25 May 21
CHINA’S COAL OUTPUT RISES IN FIRST FOUR MONTHS - XINHUA
China’s raw coal output rose 11.1 percent year on year to 1.29 billion tonnes in the first four months of 2021, official data showed.
&nb ...
Tuesday, 25 May 21
MARINE SHIPPERS BULK UP: ANOTHER GAME OF CHICKEN IN THE WORKS? - THE KOREA TIMES
Global shipping companies have been placing orders for large ships, with many anticipating further increased competition within the next three year ...
Friday, 21 May 21
MARKET INSIGHT - INTERMODAL
The dry bulk market’s counter seasonal surge so far into the first half of the year -in a sort of 2010 manner - and Capesize’s recent r ...
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- Marubeni Corporation - India
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- Planning Commission, India
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- Metalloyd Limited - United Kingdom
- Gujarat Sidhee Cement - India
- European Bulk Services B.V. - Netherlands
- Madhucon Powers Ltd - India
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- Jaiprakash Power Ventures ltd
- Borneo Indobara - Indonesia
- Vizag Seaport Private Limited - India
- Karaikal Port Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Wood Mackenzie - Singapore
- Bhoruka Overseas - Indonesia
- The Treasury - Australian Government
- Bank of Tokyo Mitsubishi UFJ Ltd
- International Coal Ventures Pvt Ltd - India
- Baramulti Group, Indonesia
- White Energy Company Limited
- Bangladesh Power Developement Board
- Salva Resources Pvt Ltd - India
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- Manunggal Multi Energi - Indonesia
- Banpu Public Company Limited - Thailand
- LBH Netherlands Bv - Netherlands
- GAC Shipping (India) Pvt Ltd
- Bayan Resources Tbk. - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Thiess Contractors Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ICICI Bank Limited - India
- Lanco Infratech Ltd - India
- Sojitz Corporation - Japan
- Medco Energi Mining Internasional
- Meenaskhi Energy Private Limited - India
- Indian Oil Corporation Limited
- The State Trading Corporation of India Ltd
- Bukit Baiduri Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Xindia Steels Limited - India
- Eastern Coal Council - USA
- Straits Asia Resources Limited - Singapore
- Siam City Cement - Thailand
- Romanian Commodities Exchange
- Price Waterhouse Coopers - Russia
- San Jose City I Power Corp, Philippines
- Georgia Ports Authority, United States
- Essar Steel Hazira Ltd - India
- Star Paper Mills Limited - India
- Interocean Group of Companies - India
- Cement Manufacturers Association - India
- Mintek Dendrill Indonesia
- Sakthi Sugars Limited - India
- Kapuas Tunggal Persada - Indonesia
- South Luzon Thermal Energy Corporation
- Samtan Co., Ltd - South Korea
- Sarangani Energy Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Tata Chemicals Ltd - India
- Eastern Energy - Thailand
- IEA Clean Coal Centre - UK
- Mercuria Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Latin American Coal - Colombia
- Malabar Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Holcim Trading Pte Ltd - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Globalindo Alam Lestari - Indonesia
- SMG Consultants - Indonesia
- Altura Mining Limited, Indonesia
- Parliament of New Zealand
- Uttam Galva Steels Limited - India
- Parry Sugars Refinery, India
- Larsen & Toubro Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Kaltim Prima Coal - Indonesia
- Renaissance Capital - South Africa
- Ambuja Cements Ltd - India
- Oldendorff Carriers - Singapore
- Commonwealth Bank - Australia
- Ministry of Finance - Indonesia
- Ind-Barath Power Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Singapore Mercantile Exchange
- Australian Coal Association
- Jorong Barutama Greston.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Electricity Generating Authority of Thailand
- Kumho Petrochemical, South Korea
- PowerSource Philippines DevCo
- Orica Mining Services - Indonesia
- Semirara Mining Corp, Philippines
- Coal and Oil Company - UAE
- Coalindo Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- Energy Development Corp, Philippines
- Heidelberg Cement - Germany
- Dalmia Cement Bharat India
- Simpson Spence & Young - Indonesia
- Aditya Birla Group - India
- Central Electricity Authority - India
- Chamber of Mines of South Africa
- Kohat Cement Company Ltd. - Pakistan
- Energy Link Ltd, New Zealand
- Bharathi Cement Corporation - India
- Barasentosa Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- GMR Energy Limited - India
- Petron Corporation, Philippines
- Siam City Cement PLC, Thailand
- Central Java Power - Indonesia
- Minerals Council of Australia
- Krishnapatnam Port Company Ltd. - India
- Billiton Holdings Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- VISA Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kobexindo Tractors - Indoneisa
- Videocon Industries ltd - India
- AsiaOL BioFuels Corp., Philippines
- Kideco Jaya Agung - Indonesia
- PNOC Exploration Corporation - Philippines
- Rio Tinto Coal - Australia
- CIMB Investment Bank - Malaysia
- Bhushan Steel Limited - India
- Sical Logistics Limited - India
- Leighton Contractors Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Deloitte Consulting - India
- Petrochimia International Co. Ltd.- Taiwan
- McConnell Dowell - Australia
- Makarim & Taira - Indonesia
- IHS Mccloskey Coal Group - USA
- Maheswari Brothers Coal Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Orica Australia Pty. Ltd.
- Mjunction Services Limited - India
- London Commodity Brokers - England
- Indika Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Edison Trading Spa - Italy
- Therma Luzon, Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wilmar Investment Holdings
- Toyota Tsusho Corporation, Japan
- Indogreen Group - Indonesia
- Bulk Trading Sa - Switzerland
- Indian Energy Exchange, India
- Sindya Power Generating Company Private Ltd
- Formosa Plastics Group - Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Tamil Nadu electricity Board
- Alfred C Toepfer International GmbH - Germany
- Electricity Authority, New Zealand
- OPG Power Generation Pvt Ltd - India
- CNBM International Corporation - China
- Ministry of Mines - Canada
- Mercator Lines Limited - India
- The University of Queensland
- Trasteel International SA, Italy
- Goldman Sachs - Singapore
- Ceylon Electricity Board - Sri Lanka
- Jindal Steel & Power Ltd - India
- Savvy Resources Ltd - HongKong
- ASAPP Information Group - India
- India Bulls Power Limited - India
- Anglo American - United Kingdom
- New Zealand Coal & Carbon
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- Bukit Makmur.PT - Indonesia
- Thai Mozambique Logistica
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- Independent Power Producers Association of India
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- PetroVietnam Power Coal Import and Supply Company
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- Meralco Power Generation, Philippines
- Coastal Gujarat Power Limited - India
- Grasim Industreis Ltd - India
- Bhatia International Limited - India
- Economic Council, Georgia
- Riau Bara Harum - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Posco Energy - South Korea
- Standard Chartered Bank - UAE
- Global Business Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Global Coal Blending Company Limited - Australia
- Asmin Koalindo Tuhup - Indonesia
- Antam Resourcindo - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PTC India Limited - India
- MS Steel International - UAE
- Attock Cement Pakistan Limited
- Kepco SPC Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Intertek Mineral Services - Indonesia
- Australian Commodity Traders Exchange
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